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FSCA requires FIC compliance information by 31 March 2021 – read FAQs here

In February 2021, the FSCA published a Notice to make the industry aware that the Directive to provide information (DPI) for 2021 is available for online completion and submission from 1 March 2021 to 31 March 2021.

Section 43A(3) of the FIC Act states that “The Centre or a supervisory body may in writing, over and above any directives contemplated in subsection (1) or (2), issue a directive to any accountable institution, category of accountable institutions, reporting institution, category of reporting institutions or other person to whom the provision of the Act apply to –

(a) Provide the Centre or that supervisory body, as the case may be-

(i) With the information, reports or statistical returns specified in the notice, at the time or at the intervals specified in the notice; and

(ii) Within the period specified in the notice, with any document in its possession or custody or control.”

As part of the FSCA’s mandate to discharge its duties as a Supervisory Body in terms of Item 1 of Schedule 2 of the FIC Act, the DPI is issued for completion and submission.

The DPI must be completed by every accountable institution listed in items 5 and 12 of Schedule 1 to the FIC Act. All these accountable institutions would have received communication from the FSCA on 19 February 2021 about the DPI becoming available on 1 March 2021.

To provide further guidance, the FSCA has published a further document answering frequently asked questions in relation to completion of the DPI 2021.

Click here to download the FAQ document.

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